SMBC Opens $200 Million Corporate Venture Capital Fund To Aid Start-Ups

Sumitomo Mitsui Banking Corp (SMBC) of Japan announced on Tuesday that it has co-founded a $200 million corporate venture capital fund in Singapore with Japan's venture capital firm Incubate Fund (IF).

According to SMBC, the fund will target start-ups that contribute to the bank's businesses through collaborations or business development in lending technology, payment, supply chain finance, banking-as-a-service, and digital assets.

Sumitomo Mitsui Banking Corporation Group is a Japanese multinational banking and financial services company headquartered in Yurakucho, Chiyoda, Tokyo. Globally, the group is active in retail, corporate, and investment banking. It offers financial products and services to a diverse set of customers, including individuals, small and medium-sized businesses, large corporations, financial institutions, and government entities. It has been on the Financial Stability Board's list of global systemically important banks since 2011.

As the world's 12th largest bank by total assets, the SMBC group operates in over 40 countries and has a presence in all International Financial Centres. It is one of the world's largest project finance financial institutions in terms of total loan value. According to Forbes, the SMBC Group is the world's 80th largest public company as of May 2020.